You have just been hired by FAB Corporation, the manufacturet of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to heip us get better control of our manufacturing overhead costs." You find that the company has never used a fexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: During March, the company worked 20,000 mochine-hours and produced 14,000 units. The company had originally planned to work 22,000 machine-hours during March. Required: 1. Prepare a flexible budget for March. 2. Prepore a report showing the spending variances for March, Complete this question by entering your answers in the tabs below. Prepare a fiexible budget for March, (thput all amounts as positive values.) Complete this question by entering your answers in the tabs below. Prepare a flexible budget for March. (Input all amounts as positive values.) Suring March, the company worked 20,000 machine-hours and produced 14,000 units. The company had originally planned to wo 22,000 machine-hours during March. Required: . Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Prepare a report showing the spending variances for March. (Indicate the effect of each variance by selecting "F" for fevorable, "ut for unfevorable, and "None" for no effect (i.e, zero variance). Input all amounts as positive values.)